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- December 1, 2011 at 11:49 am #380847
In a bygone era, the golden rule was never create debt unless that debt creates wealth.
Today’s generation seems to been convinced that the measure personal wealth is the amount of personal debt.
Middle and lower income people are easy targets for companies that market credit. Credit companies offer seemingly easy terms to buy now and pay later. Many people don’t realize that the pay later period can require as much as 35 years, particularly with credit card debt.
When an individual over extends their credit, society blames the individual for his ignorance. Yet, society never educated that individual on the dangers of spending future earnings or living within their means.
On the other hand, people who manage credit companies are highly educated and would never personally accept the credit terms they sell to others.
Is it okay to allow highly educated people to take advantage of less educated people? Debt doesn’t eliminate poverty. It creates it.
It’s the duty of the educated to create poverty?
It’s the duty of the educated to eliminate poverty. The elimination of poverty creates more wealth. It eases the pressure for entitlement programs.
Poverty is a drag on the economy, people.
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